Octopus Overlords

i have a 13 year-old Gravis PC Gamepad (the one with 4 buttons that looks vaguely SNES-ish) that i keep around as a back-up controller, as it's easier to use with older games. it seems to have 'dried-out' - looks like the original lubrication around the directional controller is totally flaking off, and it's definitely not as smooth as it used to be. i'm thinking of taking it apart and applying vaseline or the like around the contacts - is this the right way to go about it?

EDIT: one of these: